How to Sell Gold Jewelry for a Fair Price

Selling gold jewelry is not always the same as selling scrap. A wearable ring, a signed bracelet or a vintage brooch may be worth more to a buyer who will resell it than to one who will melt it. This guide helps you figure out which kind of sale fits your pieces and how to come away with a fair price.

Decide: melt value or jewelry value?

Every gold piece has a melt value, based on its weight and purity. Some pieces also have a retail or collector value that is higher because of design, maker, age, craftsmanship or gemstones. Your first job is to sort your jewelry into those two groups.

• Plain, worn, broken or out-of-style pieces usually sell for melt.
• Pieces signed by a known jeweler or design house can bring more as jewelry.
• Antique and estate jewelry, such as Victorian, Art Deco or mid-century pieces in good condition, often has buyers who pay for style and age.
• Jewelry with significant diamonds or colored stones needs the stones judged separately.

Learn what you have

Before you visit any buyer, gather the facts. Note the karat stamp, any maker's marks, and the approximate weight in grams. Look for original boxes, receipts, appraisals or grading reports, which can help a buyer feel confident and may raise the price.

If a piece might be more than melt, consider paying for an independent appraisal from someone who is not offering to buy it. Ask what kind of value the appraisal states. An insurance replacement value is usually much higher than what you could sell the piece for, so ask for a fair market or resale estimate if selling is your goal.

Know your selling options

Different buyers fit different pieces.

• Gold buyers and refiners focus on metal content. Good for scrap and plain pieces.
• Pawn shops buy outright or lend against jewelry. Many will pay more than melt for pieces they can resell in their cases.
• Jewelers may buy estate pieces to resell or offer store credit.
• Coin and precious metals dealers buy gold jewelry for its metal and often post their buy prices.
• Consignment shops sell the piece for you and pay you a share after it sells. This takes longer but can bring more for wearable jewelry.
• Auction houses are a good fit for valuable, signed or antique pieces, especially as part of an estate.

Ask any consignment shop or auction company about their commission, fees, timing and how they set prices. Terms vary from business to business.

Watch the weighing and testing

Whoever buys your jewelry, ask that it be tested and weighed in front of you. You should be able to see the scale display. Ask what karat they found for each piece and what weight they recorded. If they separate stones or non-gold parts, ask how they estimated those deductions.

Ask how the offer was figured

For melt offers, a fair buyer will tell you the spot price they are using and the rate they pay per gram or pennyweight for each karat. For pieces bought as jewelry, ask whether the offer includes anything above the gold value and why. A buyer who is happy to explain is usually one you can work with.

Remember that buyers need a margin to pay for testing, refining, rent and staff. A fair offer is not the same as the full spot value of the gold. Your goal is a competitive offer from a buyer who is clear about how it was reached.

Compare and take your time

Get offers from at least two or three places, ideally different types of buyers. Write down each offer along with the weights and karats they used. You are not obligated to sell on the spot, and a reputable buyer will not pressure you. If a quote is only good "right now," it is reasonable to walk away and think it over.

Protect yourself

• Photograph your pieces and weigh them at home before you go.
• Bring a government-issued ID; most buyers are required to record it.
• Get a written receipt listing each item, its karat, weight and price.
• Do not leave items behind without a written receipt describing them.
• Check a business's reviews and how long it has been operating.

Quick checklist

• Separate melt pieces from those with design, maker or gemstone value.
• Gather marks, weights, boxes and paperwork.
• Get a resale-focused appraisal for valuable pieces.
• Choose buyers that suit each piece: melt buyer, pawn shop, jeweler, consignment or auction.
• Watch testing and weighing, and ask how the offer relates to spot.
• Compare several offers before deciding.